I think those admin costs of $218k for the quarter can be trimmed, big time. In my assessment CMT do not need an office at present. All they need is their mobile phones, a couple of laptops and wireless internet and whatever they are doing can be done from their homes. Their salaries should be trimmed substantially. This is essentially in "sleep" mode at present and their activities are not salary-drawing.
This Co is missing a great opportunity to get into a production asset at low prices. The CMT management have access to private equity and debt funding opportunities. They have oil and gas industry expertise. There just needs to be a re-energisation of the team to revisit their fighting spirit of ~2 years ago. Pandora is going to take a long time. Better for them to take the opportunity to engineer their entry into production using their brains, rather than trying to flog off their Pandora interest in a depressed market.
"In a weak market, the weak are selling. The strong are buying"
BDM Price at posting:
3.0¢ Sentiment: Hold Disclosure: Held
